What Are the Benefits of a Prenuptial Agreement?
Getting married is an exciting moment in your life. As with many pivotal life events, marriage can come with an increase in responsibility. Marriages are deeply emotional and can involve sharing almost everything. Prenuptial agreements are a great way to ensure that you and your partner are on the same page before you get married. A prenuptial agreement is a legal document that outlines which assets belong to who. A common misconception is that getting a prenup creates an avenue for divorce. This is, however, untrue. In the best-case scenario, a signed prenuptial agreement will never go into effect. If, however, it becomes necessary, it is a great way to make sure that both parties can leave the marriage with agreed-upon assets. Read on to learn more about other benefits prenuptial agreements can offer.
Advantages of Getting a Prenup
- Ensures Honesty & Fairness
Prenuptial agreements are, first and foremost, agreements. This means that they require both parties to understand and be on the same page about how things will go. They encourage honest conversations and can be an excellent opportunity to build understanding with your partner. Additionally, prenuptial agreements are designed to be fair to both parties. Deciding what is fair, along with what makes sense for you and your assets, is a unique conversation that should be had. Having this conversation without the emotional turmoil that divorce can bring ensures that you are making clear and well-planned decisions. A legally-binding document made in good faith can give both parties the peace of mind that hard decisions have already been made.
- Offers Protection
Prenuptial agreements offer many forms of protection. This can include financial protection, such as defining which assets belong to who. Another form of financial protection that prenuptial agreements offer is protection from debt. If one party has significantly more debt than the other, it can be vital for the person with less debt to take the protection that prenuptial agreements offer. Another form of protection that prenuptial agreements provide is emotional protection. The ability to ensure that any children you may have can receive assets is vital. This can ensure that your children receive what is fair. Additionally, getting a prenup can prevent long and messy divorces. A primary focus of a divoce, in a legal sense, is deciding how to divide marital property. Since prenuptial agreements clearly define that, they greatly shorten divorces. This makes it far less financially and emotionally draining.
Get the Support You Deserve
Marriage is a life-changing and joyous occasion. When it comes to finances and asset protection, though, there is no such thing as being over-prepared. Having a prenuptial agreement provides you an avenue for an honest conversation with your partner prior to marriage. Additionally, it can offer you the financial and emotional protection you deserve. At Lonich Patton Ehrlich Policastri, our attorneys are well-versed in helping you navigate the tough conversations and decisions that come with creating a prenuptial agreement. Reach out to us at 408-553-0801 today to find out how we can support you and your soon-to-be spouse.